Crypto Finance AG and 21 Analytics successfully completed a Bitcoin transaction in accordance with the standards of Financial Action Task Force (FATF).
Two Swiss Firms, Crypto Finance AG and 21 Analytics in collaboration with My Pelerin announced on Thursday that they have successfully completed a Bitcoin transaction that complies with the AML standards of Financial Action Task Force (FATF).
Approximately $23 was sent with the help of this transaction organized by Swiss companies. The regulator demands the same level of compliance from crypto Fintechs as it does with traditional financial institutions.
Regulatory Demand for IDs
The Swiss market regulator demands that virtual assets service providers (VASP) reveal the originator and recipient of every fund sent that is more than $1000. The rule which came into effect last year saw to it that compliance was manually done, but Thursday transaction is the first in which participants data was automatically sent.
According to Lucas Betschart, the founder and Chief Executive Officer (CEO) of 21 Analytics:
“The transfer was fully automated using TRP, instead of manually creating PDFs and sending that for each transaction, which happened to be the case for FINMA-regulated Swiss VASPs so far”.
The novel transaction was powered by 21 Analytics’ AI called regtech. It was shown to be in full compliance with the Travel Rule Protocol (TRP) of FATF.
Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.
